Chain data showed that the AVAX price is at a quadruple jump point.
In the short term, AVAX's price could jump to $51.45, leaving #SOL behind.
Avalanche's [AVAX] social dominance reached an all-time low for the first time since November 2023, with a social dominance ratio of 0.205%, according to Santiment data analyzed by AMBCrypto.
The drop in this ratio means that there has been little discussion of tokens in the top 100. However, the last time the dominance ratio reached such a low level, the token's price rose from $11.62 to $48.93 in less than two months.
Is #AVAX in a favorable position to overtake SOL?
AVAX and #Solana [SOL] were roughly on the same pedestal in terms of price growth during this period. Both companies' prices were down from Q4 2023 figures, but SOL still performed better in Q1 2024.
Over the past 90 days, SOL prices have increased 64.43%. In contrast, AVAX's price has risen 18.93%. However, low social control is likely to lead to a return to Midas-like characteristics.
If that happens, the token's price could rise to $50.60 within weeks. At the time of going to press, AVAX was trading at US$37.31. Beyond the native token price, however, there have been other ways in which the Solana ecosystem has outperformed Avalanche.
For example, dogwifhat [WIF] is the top mimcoin in Solana. At the same time, #Coq Inu [COQ] is the top coin in Avalanche. However, the prices over the past 30 days have been the exact opposite.
While COQ fell 34%, #WIF soared 37%, suggesting that there is much more interest in SOL than AVAX. Despite this difference, AVAX appears to be a better buy than SOL. Traders may decide that the lower share price is worth the increased liquidity.
Meanwhile, sentiment around SOL and AVAX is negative: -0.619 for AVAX compared to -1.023 for SOL, suggesting that traders have more faith in the short-term bullish outlook for AVAX than the latter.
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